A mortgage forbearance agreement is an agreement made between a mortgage lender and a delinquent borrower. In this agreement, a lender agrees not to exercise its legal right to foreclose on a mortgage, and the borrower agrees to a mortgage plan that will over a certain time period bring the borrower current on their payments.
The outbreak has triggered forbearance help from Fannie Mae and Freddie Mac. Between these two institutions they guarantee more than two thirds of all mortgages and 95% of mortgage-backed securities.
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